Tony Blair, the former Prime Minister, is in talks with Labour about making a
'large donation' to help fill a hole in its finances

Tony Blair, the former Prime Minister, is considering making a "large donation" to the Labour Party to help it fill a hole in its finances.

Ed Miliband, the Labour leader, is being urged to seek new donors as the unions prepare to slash party funding.

The New Statesman disclosed that Mr Blair, who is worth a reported £70million, is in discussions with senior Labour figures about making a sizeable donation.

His support is likely to be welcomed by Mr Miliband, both politically and financially.

Unite, Britain's biggest union, is this week expected to slash its funding of the party by more than £1million following the reform of the party's union link. The GMB has reduced the affiliation fees its hands the party by £1million.

Earlier this week Lord Levy, who raised millions for Labour under Mr Blair, said the party should not be embarassed for seeking private funds for "something you believe in".

He told The Times: "Does Labour want to do it? I don't think they've got any option. Is it something Ed Miliband is in love with? No, I don't think it is. Will he have to do it? Yes, I think he will."

A source close to Mr Blair confirmed that he is in discussions about "various ways" he can support the Labour Party, but dismissed suggestinos he was worth £70million as "total nonsense".

Tony Blair has more than £13 million deposited in the bank following his most commercially successful year since quitting Downing Street.

The latest accounts for a network of companies used to run his growing business empire show Mr Blair’s business interests around the world are booming. Profits at one company alone, which he owns, totalled almost £2 million while shareholder funds on two businesses total £7 million.

The accounts, for the 12 months to April 2013, give the best indication yet of Mr Blair’s earning power. His properties include a London townhouse, a country estate and several other properties.